Thermoworks have great products. I don't have this particular thermometer, but I admire the simplicity. If you plan on spending most of our bbq time inside, then of course the Smoke is what you need. But if you enjoy being out with your grills this is all you really need in a high quality package and very fair price.
I see lots of pro barbecue competitors using groups of DOTs to monitor internal meat temp. I think you hit it on the head: inexpensive, simple, and functional.